Years Oil Production News

Oil production by Brazilian state-led Petroleo Brasileiro SA in the Campos basin fell 1.4 percent in June over the previous month to 1.042 million barrels a day, its lowest level since 2001, as mature fields decline, according to company data.Output has dropped 15.8 percent in 12 months due to the ageing of fields off-shore from Rio de Janeiro and Espirito Santo that account for almost half of the crude pumped by Petrobras.

Every year around this time, the International Energy Agency (IEA) publishes their Medium Term Oil Market Report. The report includes the customary oil supply and demand forecasts and refinery dynamics. "Most interesting for us in the tanker industry is their detailed discussion of the crude oil trade flows. What does the latest IEA outlook have in stock for the tanker market?" asks, Tanker Research & Consulting department at Poten & Partners. The IEA forecasts oil demand to increase from 94.4 Million barrels per day (Mb/d) in 2015 to 101.6 Mb/d in 2021, as NonOECD demand increases by 8.1 Mb/d while OECD demand declines by 1 Mb/d during the same period. Over these six years, oil production in the OECD Americas regains its growth trajectory after an initial decline in 2016.

Nils Smedegaard Andersen, chief executive officer at A.P. Moeller-Maersk qoted by Bloomberg as saying: "We believe that global growth is slowing down. The world's biggest shipping line conducts a string of its own macro-economic forecasts and it sees less growth - particularly in developing nations, but perhaps also in Europe - than other people expect in 2015, Andersen said. His company is a bellwether for global trade, handling about 15 percent of all consumer goods transported by sea. According to Andersen, the current operating environment is characterized by slow growth, but the real concern to be taken into account should be the overcapacity in the shipping market and slower than expected market growth.